00013144142013-10-032013-10-030001314414nlfun:S000024053Member2013-10-032013-10-030001314414nlfun:S000024053Membernlfun:C000070464Member2013-10-032013-10-030001314414nlfun:S000024053Membernlfun:C000070463Member2013-10-032013-10-030001314414nlfun:S000024053Membernlfun:C000070463Memberrr:AfterTaxesOnDistributionsMember2013-10-032013-10-030001314414nlfun:S000024053Membernlfun:C000070463Memberrr:AfterTaxesOnDistributionsAndSalesMember2013-10-032013-10-030001314414nlfun:S000024053Membernlfun:C000111542Member2013-10-032013-10-030001314414nlfun:S000024053Membernlfun:C000115048Member2013-10-032013-10-030001314414nlfun:S000024053Membernlfun:MerrillLynch13YearGovernmentCorporateIndexMember2013-10-032013-10-030001314414nlfun:S000029425Member2013-10-032013-10-030001314414nlfun:S000029425Membernlfun:C000090365Member2013-10-032013-10-030001314414nlfun:S000029425Membernlfun:C000090366Member2013-10-032013-10-030001314414nlfun:S000029425Membernlfun:C000090366Memberrr:AfterTaxesOnDistributionsMember2013-10-032013-10-030001314414nlfun:S000029425Membernlfun:C000090366Memberrr:AfterTaxesOnDistributionsAndSalesMember2013-10-032013-10-030001314414nlfun:S000029425Membernlfun:C000111543Member2013-10-032013-10-030001314414nlfun:S000029425Membernlfun:C000115049Member2013-10-032013-10-030001314414nlfun:S000029425Membernlfun:BarclaysAggregateBondIndexMember2013-10-032013-10-03iso4217:USDxbrli:pureOther2013-10-03Northern Lights Fund Trust0001314414falsenlfunLCCIXLCCMXLCAMXLCMCXLCTIXLCTRXLCATXLCCTX2013-10-032013-10-032013-09-30<p style="margin: 0px; font-size: 14pt"><b>LEADER SHORT-TERM BOND FUND SUMMARY</b></p><p style="margin: 0px; font-size: 14pt"><b>LEADER TOTAL RETURN FUND SUMMARY</b></p><p style="margin: 0px"><b>Investment Objectives:</b></p><p style="margin: 0px"><b>Investment Objectives:</b></p><p style="margin: 0px">The primary investment objective of the Leader Short-Term Bond Fund (the &#147;Fund&#148;) is to deliver a high level of current income,</p><p style="margin: 0px">The investment objective of the Leader Total Return Fund (the &#147;Fund&#148;) is to seek income and capital appreciation to produce a high total return.</p><p style="margin: 0px">with a secondary objective of capital appreciation.</p><p style="margin: 0px"><b>Fees and Expenses of the Fund:</b></p><p style="margin: 0px"><b>Fees and Expenses of the Fund:</b></p><p style="margin: 0px">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 28 of the Fund&#146;s Prospectus.</p><p style="margin: 0px">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 28 of the Fund&#146;s Prospectus.</p><p style="margin: 0px"><b>Shareholder Fees</b></p>
<p style="margin: 0px"><b>(fees paid directly from your investment)</b></p><p style="margin: 0px"><b>Shareholder Fees</b></p>
<p style="margin: 0px"><b>(fees paid directly from your investment)</b></p><p style="margin: 0px"><b>Annual Fund Operating Expenses</b></p>
<p style="margin: 0px"><b>(expenses that you pay each year as a percentage of the value of your investment)</b></p><p style="margin: 0px"><b>Annual Fund Operating Expenses</b></p>
<p style="margin: 0px"><b>(expenses that you pay each year as a percentage of the value of your investment)</b></p><p style="margin: 0px"><b>Example:</b></p><p style="margin: 0px"><b>Example:</b></p><p style="margin: 0px">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="margin: 0px">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="margin: 0px">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. &#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses remain the same. &#160;Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</p><p style="margin: 0px">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:<br /></p><p style="margin: 0px"><b>Portfolio Turnover:</b></p><p style="margin: 0px"><b>Portfolio Turnover:</b></p><p style="margin: 0px">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio).&#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 151.19% of the average value of its portfolio.</p><p style="margin: 0px">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 116.42% of the average value of its portfolio.</p><p style="margin: 0px"><b>Principal Investment Strategies:</b></p><p style="margin: 0px"><b>Principal Investment Strategies:</b></p><p style="margin: 0px">The Fund expects to achieve its objectives by investing in a portfolio of investment grade debt securities and non-investment grade (also known as &#147;junk bonds&#148;) debt securities, both domestic and foreign. Fixed income securities in which the Fund may invest include foreign and domestic bonds, notes, corporate debt, government securities, strips and municipal securities. The Fund&#146;s effective average duration will normally be three years or less. The Fund also may hold cash or cash equivalents, and it may enter into repurchase agreements. Leader Capital Corp., (the &#147;Advisor&#148;) utilizes a fundamental top-down analysis, meaning the Advisor analyzes the economy, interest rate cycles, the supply and demand for credit and the characteristics of individual securities in making investment selections.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px">Under normal circumstances, the Fund will invest at least 80% of its assets in fixed income securities. This policy may not be changed without at least 60 days&#146; advance notice to shareholders in writing. The Fund may invest up to 30% of its assets in lower-quality, high yield bonds rated B or higher by Moody&#146;s Investors Service, Standard &#38; Poor&#146;s Ratings Group or other Nationally Recognized Statistical Rating Organization (&#147;NRSRO&#148;) or, if unrated by such NRSROs, determined by the Advisor to be of comparable quality. The Fund also may invest in bonds with the potential for capital appreciation. The Fund may invest up to 20% of its assets, determined at the time of investment, in foreign fixed income securities denominated in foreign currencies. Foreign fixed income securities may be investment grade, below investment grade or unrated<i>. </i>The Fund may use options and credit default swaps to manage investment risk and liquidity.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px">The Fund may invest up to 20% of its assets in cash, cash equivalents and fixed income securities other than as described above. By keeping some cash or cash equivalents, the Fund may avoid realizing gains and losses from selling investments when there are shareholder redemptions. However, the Fund may have difficulty meeting its investment objectives when holding a significant cash position. Floating- and variable-rate securities will be considered as cash equivalents.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px">The Advisor will consider a floating- or variable-rate security to have a maturity equal to its stated maturity (or redemption date if it has been called for redemption), except that it may consider: (1) variable-rate securities to have a maturity equal to the period remaining until the next readjustment in the interest rate, unless subject to a demand feature; (2) variable-rate securities subject to a demand feature to have a remaining maturity equal to the longer of (a) the next readjustment in the interest rate or (b) the period remaining until the principal can be recovered through demand; and (3) floating-rate securities subject to a demand feature to have a maturity equal to the period remaining until the principal can be recovered through demand. Variable- and floating-rate securities generally are subject to less principal fluctuation than securities without these attributes.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px">As noted above, the Fund&#146;s effective average duration will normally be three years or less. Effective duration is a measure of a fixed income security&#146;s average life that reflects the present value of the security&#146;s cash flow, and accordingly, is a measure of price sensitivity to interest rate changes. Effective duration is expressed in years, like maturity, but it is a better indicator of price sensitivity than maturity because it takes into account the time value of cash flows generated over the security&#146;s life. Future interest and principal payments are discounted to reflect their present value and then are multiplied by the number of years they will be received to produce a value expressed in years. You can estimate the effect of interest rates on a fixed income fund&#146;s share price by multiplying the fund&#146;s effective duration by an expected change in interest rates. For example, the share price of a fixed income fund with an effective duration of three years would be expected to fall approximately 3% if interest rates rose by one percentage point.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px">The Advisor may sell a security if its value becomes unattractive, such as when its fundamentals deteriorate or when other investment opportunities exist that may have more attractive yields.</p><p style="margin: 0px">The Fund seeks to achieve its investment objective by investing primarily in domestic and foreign fixed income securities of various maturities and credit qualities that are denominated in U.S. dollars or foreign currencies. Fixed income security types include bonds, notes, debentures and other evidence of indebtedness issued by corporations, governments and their agencies or instrumentalities as well as mortgage-backed and asset-backed securities.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px">Individual securities are purchased without restriction as to maturity or duration; however, the average portfolio duration normally varies within two years of the duration of the Barclays Capital U.S. Aggregate Intermediate Bond Index (formerly named the Lehman Brothers U.S. Aggregate Index), which as of July 31, 2013 was 4.34 years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security&#146;s price to changes in interest rates.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px">The Fund invests primarily in investment-grade securities, but may invest up to 40% of its total assets in high yield securities (commonly referred to as &#147;junk bonds&#148;). The Fund defines junk bonds as those rated lower than Baa3 by Moody&#146;s Investors Service (&#147;Moody&#146;s&#148;) or lower than BBB- by Standard and Poor&#146;s Rating Group (&#147;S&#38;P&#148;), or, if unrated, determined by the Advisor to be of similar credit quality. However, the Fund restricts its junk bond purchases to those rated B3 or higher by Moody&#146;s or B- or higher by S&#38;P, or, if unrated, determined by the advisor to be of comparable quality.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px">The Fund invests primarily in U.S. dollar denominated securities, but may invest up to 30% of its total assets in securities denominated in foreign currencies, whether issued by U.S. or foreign entities. Foreign issues denominated in U.S. dollars will be excluded from the 30% allocation limit.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px">The Advisor allocates Fund assets among various fixed income sectors, maturities and specific issues using an opportunistic approach by assessing risk and reward among fixed income peer groups.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px; text-indent: 20pt">&#149; Sector selection focuses on identifying portions of the fixed income market that the advisor believes offer the highest yield, or expected capital appreciation from interest rate declines or currency exchange rate gains.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px; text-indent: 20pt">&#149; Maturity or yield curve management focuses on selecting securities with maturities that have the highest yield and/or highest potential capital appreciation, when compared to securities with shorter or longer maturities.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px; text-indent: 20pt">&#149; Security selection focuses on identifying specific securities that offer the highest yield or expected capital appreciation when compared to a peer group of securities with similar credit quality and maturity.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px">The Advisor buys securities for either or both their interest income and their potential for capital appreciation, generally resulting from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security. The Advisor may sell a security if its value becomes unattractive, such as when its fundamentals deteriorate or when other investment opportunities exist that may have more attractive yields. The Advisor may engage in frequent buying and selling of securities to achieve the Fund&#146;s investment objective.</p><p style="margin: 0px"><b>Principal Investment Risks:</b></p><p style="margin: 0px"><b>Principal Investment Risks:</b></p><p style="margin: 0px"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund&#146;s net asset value and performance.</i></b></p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><i>&#149; Interest Rate Risk: </i>The value of the Fund may fluctuate based on changes in interest rates and market conditions. As interest rates rise, the value of income producing instruments may decrease. This risk increases as the term of the note increases. Income earned on floating- or variable-rate securities will vary as interest rates decrease or increase. Variable- and floating-rate securities generally are less susceptible to interest rates than fixed-rate obligations. However, the interest rates on variable-rate securities, as well as certain floating-rate securities whose interest rates are reset only periodically, can fluctuate in value as a result of interest rate changes when there is an imperfect correlation between the interest rates on the securities and prevailing market interest rates. </p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><i>&#149; Credit Risk: </i>The issuer of a fixed income security may not be able to make interest or principal payments when due. Generally, the lower the credit rating of a security, the greater the risk is that the issuer will default on its obligation. Credit risks associated with Auction Rate Securities (&#147;ARS&#148;) mirror those of other bond issues in terms of default risk associated with the issuers. Because ARS do not carry a put feature allowing the bondholder to require the purchase of the bonds by the issuer or a third party, they are very sensitive to changes in credit ratings and normally require the highest ratings (e.g., AAA/Aaa) to make them marketable.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><i>&#149; High-Yield Bond Risk. </i>Lower-quality bonds, known as high-yield bonds or &#147;junk bonds,&#148; present a significant risk for loss of principal and interest. These bonds offer the potential for higher return, but also involve greater risk than bonds of higher quality, including an increased possibility that the bond&#146;s issuer, obligor or guarantor may not be able to make its payments of interest and principal (credit quality risk). If that happens, the value of the bond may decrease, and the Fund&#146;s share price may decrease and its income distribution may be reduced. An economic downturn or period of rising interest rates (interest rate risk) could adversely affect the market for these bonds and reduce the Fund&#146;s ability to sell its bonds (liquidity risk). The lack of a liquid market for these bonds could decrease the Fund&#146;s share price. The ability of governments to repay their obligations is adversely impacted by default, insolvency, bankruptcy or by political instability, including authoritarian and/or military involvement in governmental decision-making, armed conflict, civil war, social instability and the impact of these events and circumstances on a country&#146;s economy and its government&#146;s revenues. Therefore, government bonds can present a significant risk. Governments may also repudiate their debts in spite of their ability to pay. A Fund&#146;s ability to recover from a defaulting government is limited because that same government may block access to court-mandated legal remedies or other means of recovery. </p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><i>&#149; Management Risk. </i>The strategy used by the Advisor may fail to produce the intended results. The ability of the Fund to meet its investment objectives is directly related to the Advisor&#146;s investment strategies for the Fund. Your investment in the Fund varies with the effectiveness of the Advisor&#146;s research, analysis and asset allocation among portfolio securities. If the Advisor&#146;s investment strategies do not produce the expected results, your investment could be diminished or even lost.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><i>&#149; Foreign Risk. </i>Foreign investments involve additional risks not typically associated with investing in U.S. Government securities and/or securities of domestic companies, including currency rate fluctuations, political and economic instability, differences in financial reporting standards and less strict regulation of securities markets. Securities subject to these risks may be less liquid than those that are not subject to these risks.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><i>&#149; Derivatives Risk. </i>When writing put and call options, the Fund is exposed to declines in the value of the underlying asset against which the option was written. To the extent required, the Fund will cover the financial exposure created by writing put and call options either by purchasing or selling offsetting options or futures or designating liquid assets to cover such financial exposure. When purchasing options, the Fund is exposed to the potential loss of the option purchase price. Derivatives may be illiquid and the market for derivatives is largely unregulated. The use of derivatives may not always be a successful strategy and using them could lower the Fund&#146;s return.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><i>&#149; Legislative Change Risk. </i>Municipal securities are subject to the risk that legislative changes and local and business developments may adversely affect the yield or value of the Fund&#146;s investments in such securities. </p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><i>&#149; Government Securities Risk. </i>It is possible that the U.S. Government would not provide financial support to its agencies or instrumentalities if it is not required to do so by law. If a U.S. Government agency or instrumentality in which the Fund invests defaults and the U.S. Government does not stand behind the obligation, the Fund&#146;s share price or yield could fall. Securities of U.S. Government sponsored entities, such as Freddie Mac or Fannie Mae, are neither issued nor guaranteed by the U.S. Government. The U.S. Government&#146;s guarantee of ultimate payment of principal and timely payment of interest of the U.S. Government securities owned by the Fund does not imply that the Fund&#146;s shares are guaranteed by the Federal Deposit Insurance Corporation or any other government agency, or that the price of the Fund&#146;s shares will not fluctuate.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><i>&#149; Portfolio Turnover Risk. </i>The frequency of a Fund&#146;s transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in a Fund&#146;s performance. The Fund&#146;s portfolio turnover is expected to be over 100% annually, as the Fund is actively traded.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px">The Fund is not a complete investment program. As with any mutual fund investment, the Fund&#146;s returns will vary and you could lose money.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><b>Is the Fund right for you? </b></p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px">The Fund may be suitable for:</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px">&#149; long-term investors seeking a high level of current income;</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px">&#149; investors willing to accept price and return fluctuations associated with lower-quality investments;</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px">&#149; investors seeking to diversify their holdings with a portfolio consisting primarily of short-term fixed income securities; or</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px">&#149; investors seeking to reduce their portfolio&#146;s interest rate risk.</p><p style="margin: 0px"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund&#146;s net asset value and performance. </i></b></p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><i>&#149; Credit Risk: </i>Issuers may not make interest and principal payments on securities held by the Fund, resulting in losses to the Fund. In addition, the credit quality of securities held by the Fund may be lowered if an issuer&#146;s financial condition changes. Lower credit quality may lead to greater volatility in the price of a security and lower liquidity making it difficult for the Fund to sell the security.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><i>&#149; Currency Risk: </i>Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade counterparty may default. Country risk arises because a government may interfere with transactions in its currency.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><i>&#149; Foreign Risk: </i>Foreign securities expose the Fund to greater risks because their value depends on issues other than the performance of the U.S. economy and U.S. companies and may include unfavorable changes in foreign exchange rates. Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><i>&#149; High-Yield Bond Risk: </i>Lower-quality bonds, known as &#147;high-yield&#148; or &#147;junk&#148; bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund&#146;s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund&#146;s share price. The ability of governments to repay their obligations is adversely impacted by default, insolvency, bankruptcy or by political instability, including authoritarian and/or military involvement in governmental decision-making, armed conflict, civil war, social instability and the impact of these events and circumstances on a country&#146;s economy and its government&#146;s revenues. Therefore, government bonds can present a significant risk. Governments may also repudiate their debts in spite of their ability to pay. A Fund&#146;s ability to recover from a defaulting government is limited because that same government may block access to court-mandated legal remedies or other means of recovery.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><i>&#149; Interest Rate Risk: </i>The value of fixed income securities decline when interest rates rise.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><i>&#149; Issuer-Specific Risk: </i>The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><i>&#149; Liquidity Risk: </i>Some securities may have few market-makers and low trading volume, which tends to increase transaction costs and may make it difficult for the Fund to dispose of a security at all or at a price which represents current or fair market value.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><i>&#149; Management Risk: </i>The advisor&#146;s judgments about the attractiveness, value and potential appreciation of particular security in which the Fund invests may prove to be incorrect and may not produce the desired results.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><i>&#149; Market Risk: </i>Overall fixed income market risks may affect the value of individual securities in which the Fund invests. Factors such as global interest rate levels, economic growth, market conditions and political events affect the fixed income securities markets. When the value of the Fund&#146;s investments goes down, your investment in the Fund decreases in value and you could lose money.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><i>&#149; Mortgage-Backed and Asset-Backed Risk: </i>The default rate on underlying mortgage loans or asset loans may be higher than anticipated, potentially reducing payments to the Fund. Default rates are sensitive to overall economic conditions such as unemployment, wage levels and economic growth rates. Mortgage-backed securities are susceptible maturity risk because issuers of securities held by the Fund are able to prepay principal due on these securities, particularly during periods of declining interest rates.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px"><i>&#149; Portfolio Turnover Risk: </i>Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains.</p><p style="margin: 0px"><b>Performance:</b></p><p style="margin: 0px"><b>Performance:</b></p><p style="margin: 0px">The bar chart and table set out below help show the returns and risks of investing in the Fund. The bar chart shows the annual returns of the Fund&#146;s Investor Class shares for each calendar year since the Fund&#146;s inception. Returns would be higher for the Institutional Class shares. The performance table compares the performance of the Fund&#146;s shares over time to the performance of the Merrill Lynch 1-3 Year Government/Corporate Index. You should be aware that the Fund&#146;s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Because the Fund&#146;s Class A and Class C shares have less than a full calendar year of investment operations, no performance information is presented for them at this time. In the future, performance information for Class A and Class C shares will be presented in this section of the Prospectus. Updated performance information is available at no cost by visiting www.leadercapital.com or by calling (800) 711-9164.</p><p style="margin: 0px">The bar chart and table set out below help show the returns and risks of investing in the Fund. The bar chart shows the annual returns of the Fund&#146;s Investor Class shares for each calendar year since the Fund&#146;s inception. Returns would be higher for the Institutional Class shares. The performance table compares the performance of the Fund&#146;s shares over time to the performance of the Barclays Aggregate Bond Index. You should be aware that the Fund&#146;s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Because the Fund&#146;s Class A and Class C shares have less than a full calendar year of investment operations, no performance information is presented for them at this time. In the future, performance information for Class A and Class C shares will be presented in this section of the Prospectus. Updated performance information is available at no cost by visiting www.leadercapital.com or by calling (800) 711-9164.</p><p style="margin: 0px; text-align: center"><b>Investor Class</b></p>
<p style="margin: 0px; text-align: center"><b>Calendar Year Returns as of December 31</b></p><p style="margin: 0px; text-align: center"><b>Investor Class</b></p>
<p style="margin: 0px; text-align: center"><b>Calendar Year Returns as of December 31</b></p>0.00000.00000.03500.00000.00000.00000.03500.00000.00000.00000.00000.01000.00000.00000.00000.01000.00000.00000.00000.00000.00000.00000.00000.00000.00000.00000.00000.0000-0.0200-0.0200-0.0200-0.0200<div style="display: none">~ http://nlfund.com/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact nlfun_S000024053Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://nlfund.com/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact nlfun_S000029425Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>0.00750.00750.00750.00750.00750.00750.00750.00750.00000.00500.00500.01000.00000.00500.00500.01000.00220.00220.00220.00220.01080.01080.01080.01080.00020.00020.00020.00020.00020.00020.00020.00020.00990.01490.01490.01990.01850.02350.02350.0285<div style="display: none">~ http://nlfund.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact nlfun_S000024053Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://nlfund.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact nlfun_S000029425Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>12131779206723172130264929073142547813113510739561212152014613154718056245356881014838101152496302139190533340<div style="display: none">~ http://nlfund.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact nlfun_S000024053Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://nlfund.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact nlfun_S000029425Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>0.08750.0494-0.02500.12950.0397-0.0164-0.00320.08950.1454<div style="display: none">~ http://nlfund.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact nlfun_S000024053Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://nlfund.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact nlfun_S000029425Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>Return Before TaxesReturn Before TaxesReturn Before TaxesReturn Before Taxes0.09470.08950.07710.05800.01480.15170.14540.12340.09380.04220.04180.02830.02780.02870.06960.04060.02510.02550.03530.06510.06160.04530.04290.04972008-10-312005-07-142010-07-302010-07-301.51191.1642<p style="margin: 0px">Under normal circumstances, the Fund will invest at least 80% of its assets in fixed income securities.</p><p style="margin: 0px"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.</i></b></p><p style="margin: 0px"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.</i></b></p>(800) 711-9164(800) 711-9164<p style="margin: 0px">You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.</p><p style="margin: 0px">You should be aware that the Fund&#146;s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.</p><p style="margin: 0px">www.leadercapital.com</p><p style="margin: 0px">www.leadercapital.com</p><p style="margin: 0px">Because the Fund&#146;s Class A and Class C shares have less than a full calendar year of investment operations, no performance information is presented for them at this time.</p><p style="margin: 0px">Because the Fund&#146;s Class A and Class C shares have less than a full calendar year of investment operations, no performance information is presented for them at this time.</p><p style="margin: 0px"></p>The bar chart shows the annual returns of the Fund&#146;s Investor Class shares for each calendar year since the Fund&#146;s inception.<p style="margin: 0px">The bar chart shows the annual returns of the Fund&#146;s Investor Class shares for each calendar year since the Fund&#146;s inception.</p>Best Quarter:Best Quarter:2009-06-302012-03-310.11490.0593Worst Quarter:Worst Quarter:-0.0503-0.0673The Fund's Investor Class shares had a total return ofThe Fund's Investor Class shares had a total return of2013-06-302013-06-300.01030.02992009-09-302011-09-30<p style="margin: 0px">Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;).</p><p style="margin: 0px">Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or IRAs.</p><p style="margin: 0px">After-tax returns are shown for only Investor Class shares, and after-tax returns for other classes will vary.</p><p style="margin: 0px">After-tax returns are shown for only Investor Class shares, and after-tax returns for other classes will vary.</p><table cellpadding="0" cellspacing="0" align="center" style="margin-top: 0px; font-size: 10pt; width: 401px"><tr><td style="margin-top: 0px; border: #000000 1px solid; vertical-align: top; width: 124.13px"><p style="margin: 0px; font: 11pt Arial; text-align: center">Best Quarter:</p>
</td>
<td style="margin-top: 0px; border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 169px"><p style="margin: 0px; font: 11pt Arial; text-align: center">2<sup>nd</sup> Quarter 2009</p></td>
<td style="margin-top: 0px; border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 104px"><p style="margin: 0px; font: 11pt Arial; text-align: center">11.49%</p></td></tr>
<tr><td style="margin-top: 0px; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 124.13px"><p style="margin: 0px; font: 11pt Arial; text-align: center">Worst Quarter:</p>
</td>
<td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 169px"><p style="margin: 0px; font: 11pt Arial; text-align: center">3<sup>rd</sup> Quarter 2008</p></td>
<td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 104px"><p style="margin: 0px; font: 11pt Arial; text-align: center">(5.03)%</p></td></tr></table>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px">The Fund's Investor Class shares had a total return of 1.03% during the period January 1, 2013 to June 30, 2013.</p><table cellpadding="0" cellspacing="0" align="center" style="margin-top: 0px; font-size: 10pt"><tr><td style="margin-top: 0px; border: #000000 1px solid; vertical-align: top; width: 124.13px"><p style="margin: 0px; font: 11pt Arial; text-align: center">Best Quarter:</p>
</td><td style="margin-top: 0px; border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 136.13px"><p style="margin: 0px; font: 11pt Arial; text-align: center">1<sup>st</sup> Quarter 2012</p>
</td><td style="margin-top: 0px; border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 72px"><p style="margin: 0px; font: 11pt Arial; text-align: center">5.93%</p></td></tr>
<tr><td style="margin-top: 0px; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 124.13px"><p style="margin: 0px; font: 11pt Arial; text-align: center">Worst Quarter:</p>
</td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 136.13px"><p style="margin: 0px; font: 11pt Arial; text-align: center">3<sup>rd</sup> Quarter 2011</p></td>
<td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 72px"><p style="margin: 0px; font: 11pt Arial; text-align: center">(6.73)%</p></td></tr>
</table>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px">The Fund's Investor Class shares had a total return of 2.99% during the period January 1, 2013 to June 30, 2013.</p><p style="margin: 0px; text-align: center"><i>Average Annual Total Returns</i></p>
<p style="margin: 0px; text-align: center">(For the periods ended December 31, 2012)</p><p style="margin: 0px; text-align: center"><i>Average Annual Total Returns</i></p>
<p style="margin: 0px; text-align: center">(For the periods ended December 31, 2012)</p><p style="margin: 0px">After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#147;IRAs&#148;). After-tax returns are shown for only Investor Class shares, and after-tax returns for other classes will vary.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px">The Merrill Lynch 1-3 Year Government/Corporate Index is an index tracking short-term U.S. government and corporate securities with maturities between 1 and 2.99 years. The index is produced by Merrill Lynch Pierce Fenner &#38; Smith. The index does not reflect the deduction of fees, expenses or taxes that mutual fund investors bear.</p><p style="margin: 0px">After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. Actual after-tax returns depend on an investor&#146;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or IRAs. After-tax returns are shown for only Investor Class shares, and after-tax returns for other classes will vary.</p>
<p style="margin: 0px">&#160;</p>
<p style="margin: 0px">The Barclays Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. Municipal bonds and Treasury Inflation-Protected Securities are excluded, due to tax treatment issues. The index includes Treasury securities, Government agency bonds, mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in U.S. Unlike a mutual fund, an index does not reflect any trading costs or management fees. Investors cannot directly invest in an index.</p>0.01370.01870.01870.0237-0.0048-0.0048-0.0048-0.0048<div style="display: none">~ http://nlfund.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact nlfun_S000024053Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><div style="display: none">~ http://nlfund.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact nlfun_S000029425Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><p style="margin: 0px">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund&#146;s financial highlights because the financial highlights include only the direct operating expenses incurred by the Fund.</p><p style="margin: 0px">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund&#146;s financial highlights because the financial highlights include only the direct operating expenses incurred by the Fund.</p>2014-09-30<p style="margin: 0px">After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes.</p><p style="margin: 0px">After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes.</p><p style="margin: 0px">The index does not reflect the deduction of fees, expenses or taxes that mutual fund investors bear.</p><p style="margin: 0px">Unlike a mutual fund, an index does not reflect any trading costs or management fees.</p>5000050000<p style="margin: 0px">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.</p><p style="margin: 0px">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.</p>Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial highlights include only the direct operating expenses incurred by the Fund.The Fund's adviser has contractually agreed to waive its fees and/or reimburse expenses of the Fund, at least until September 30, 2014 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, 12b-1 fees, Acquired Fund Fees and Expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses, such as litigation, do not exceed 1.35% of its average daily net assets of the Fund. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the end of the fiscal year in which the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the Fund's adviser.